Overall, EUR/USD is trending upwards. Recently, EUR/USD trended higher, breaking the resistance zone of 1.13300.
Yesterday during the monetary policy meeting, the European Central Bank held interest rate unchanged at 0.00%. The central bank has increased the Pandemic Emergency Purchase Programme (PEPP) from €600 billion to a total of €1,350 billion and the horizon for net purchases under PEPP will be extended to at least the end of June 2021. The ECB’s projection of the economic growth in the eurozone has been revised down from +0.8% to -8.7%. Annual inflation projection for 2020 has also been revised from 1.1% to 0.3%.
EUR/USD’s next support zone is at 1.13300 and the next resistance zone of 1.15000. Look for short-term buying opportunities of EUR/USD up until the release of the U.S. jobs report at 2030 (SGT).